EIA Reports Decline of 7.4 Million Barrels in Oil Supplies
The Energy Information Administration released its report on Thursday which was delayed due to Labor Day this week. According to the EIA’s report, crude oil inventories fell by 7.4 million barrels for the week ending August 31st, 2012 while analysts predicted the drop of 5 million barrels.
EIA also reported the its data on gasoline inventories which declined 2.3 million barrels as compared to analysts’ expected decrease of 3.5 million barrels.